Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, and September sales are $152,000, and include a total column for the 3rd quarter total.

Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, and September sales are $152,000, and include a total column for the 3rd quarter total.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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